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Dec 24, 2012
12/12
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you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has groups concerned. democrats are critical of the president putting this issue on the table. republicans say it has to be. guest: despite the conversations about the grand bargain, it was never going to happen, there had not been enough preparation. one of my predictions from my column in 2012 was predictions for next year. what i am telling everybody is we are not going to get a big tax reform package next year because it takes two years to enact. without that, we will not get mandatory spending changes. that means the grand bargain is two years off. it cannot be part of the fis
you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has...
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Dec 28, 2012
12/12
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tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are two bills the house passed that are sitting in the senate. >> we ought to go over the fiscal cliff. i think we shouldn't make a deal where we're not -- we shouldn't raise taxes. we need entitlement reform, then we can talk. if there's no real entitlement reform, there's nothing we can do. democrats spend, spend, spend. now they have the bill, the fiscal cliff and they don't like the result. what are they going to do? it's time you actually put a stop -- >> we're going to have to leave it there. thank you very much. >> thank you. >> a case of extreme helicopter parents sued by their daughter for stalkin
tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are...
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Dec 24, 2012
12/12
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tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every re estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00 a.m., all night. my counterparts in los angeles are telling me that they are in for the same thing. gerri: on a i kkow a lot of people are thinking about selling. obviously, the fiscal cliff is now in play. but they still can derail themselves. >> yes, i have been involved when it does. one of the big things is if financing falls through. gerri: what you seeaking these deals are part? >> financing is the number one cause. back in the headache. most of the appraisers are coming in under what they should be. so that's
tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every re estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00...
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Dec 26, 2012
12/12
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let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment benefits for more than two million americans. people who cannot wait a couple of months to get the money back and don't have the safety net. this is a very serious situation for some americans. on this show we have a slope and not a cliff. for some it is an immediate pain cliff situation. >> we should differentiate between the things that are really a cliff. unemployment and income taxes and the other things like the spending cuts draw out over a year. the sequester and other things. you wouldn't have to worry about that. those things can be fixed. the democrats don't have a sense of urge
let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment...
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Dec 30, 2012
12/12
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KGO
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68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring the day after tomorrow or the end of the day tomorrow. we've known these automatic cuts, the so-called -- this was going to be happening for more than a year. aren't you a little embarrassed as leaders in the congress that it has gotten to this point that tomorrow is new year's eve, the day it all expires, and you still don't have an agreement? i mean, we've been having this argument for two years. >> it is embarrassing but almost every disagreement we've had is not because of a senate where we've had lots of -- we've come to agreement on many things. there are 50 hard right people in the house who don't want to comp
68% and secondly the death tax. 55% rate -- how fair -- >> let's go to the death tax. 6,000 of the wealthiest wealthiest estates are the difference between what president obama wants and jon kyl wants, $119 billion over ten years. for those 600,000 estates to give $119 billion away and instead take it out on cuts on medicare and roads and education is unconscionable. >> if you look at the bigger picture for a second, we've known for two years that these tax cuts would be expiring...
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Jan 1, 2013
01/13
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this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it. >> just an hour later, senate minority leader mitch mcconnell signalled his agreement with the president. >> so i agree, let's pass the tax relief portion now. let's take what's been agreed to and get moving. we all want to protect tax pairs and we can get it done now. >> however, despite what sounds like good news, there will be no vote in the house tonight even in the house reaches a deal. in fact, the senate has adjourned until tomorrow. >> joining me now when we talk a couple of hours ago, there wouldn't be a vote on either side. but maybe something from the senate tonight? quite possibly. aparentally, th
this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it....
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Jan 1, 2013
01/13
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the estate tax will remain tax free, the first $5 million of anyone's estate will be tax free in terms of the exceptions for the individual, the cap is expected to be index to inflation, so it will increase that $5 million every year according to inflation. finally, that so called doc fix, for doctors who accept medicare patients, that will go into effect. it will continue, it will not be paid for by the affordable care act. lots to dissect as we await final word from the democrats and the republicans. i want to go back to dana bash. dana, we know reid is on board, nancy pelosi is on board. mitch mcconnell, has he definitely signed off to this deal? >> yes. he actually was an early signer of the deal. because he, of course, was the point person on the republican side. i should say, i said yes pretty definitively. behind me, you see a gaggle of reporters, and he's probably going to be mad at me for doing this, but that's mitch mcconnell's spokes person talking to people about what's going on. hopefully i won't be proven wrong, but it's hard to believe i will. mitch mcconnell wient to th
the estate tax will remain tax free, the first $5 million of anyone's estate will be tax free in terms of the exceptions for the individual, the cap is expected to be index to inflation, so it will increase that $5 million every year according to inflation. finally, that so called doc fix, for doctors who accept medicare patients, that will go into effect. it will continue, it will not be paid for by the affordable care act. lots to dissect as we await final word from the democrats and the...
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Dec 28, 2012
12/12
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. >> if you're making $900,000 somehow he thinks you can't afford to pay a little more in taxes. >> here we are once again at the end of the year staring at a crisis we should have dealt with. >> the house of representatives is operating with dictatorship of the speaker. >> we can iron out our differences. >> republicans have bent over backwards. we stepped way, way out of our comfort zone. >> john boehner seems to care more about keeping his speakership. >> it is very hard for them to say yes to me. take me out of it. and think about their voters. >> he can be responsible for the largest tax increase in american history. ♪ we could have had it all ♪ rolling in the deep >> we start at the white house where at this very moment all four republican and democratic congressional leaders are meeting with the president, the vice president, and the treasury secretary trying to hammer out a fiscal cliff deal. the meeting began about an hour ago in what could be the final face-to-face meeting between the president and lawmakers of both parties before monday's midnight deadline. the house is sc
. >> if you're making $900,000 somehow he thinks you can't afford to pay a little more in taxes. >> here we are once again at the end of the year staring at a crisis we should have dealt with. >> the house of representatives is operating with dictatorship of the speaker. >> we can iron out our differences. >> republicans have bent over backwards. we stepped way, way out of our comfort zone. >> john boehner seems to care more about keeping his speakership....
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Jan 1, 2013
01/13
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i mean, there are odds and ends, provisions on something called the state tax, estate tax, death tax or t-- other tax provisions something that ensnares the middle class taxpayers, it is an old law, some three decades old. that will be taken off the books, as well. there are medicare payments to doctors that are going to be reinstated every year. this is sort of a ritual that we go through every year. more things for people to dislike, there are going to be things where people are really going to have to hold their nose if they are going to pull the lever, and vote yes on this legislation and avoid having something catastrophic happen down the road here in terms of taxes, and in terms of what would happen to the larger economy, melissa. >> judging from what you just said it almost sounds like there is a likelihood possibly that it wouldn't pass in the house, is that your feeling? >> i wouldn't call it a likelihood, or a probability at this point. i think it is guaranteed there are going to be conservatives who are extremely upset about that. as a matter of fact over the course of the
i mean, there are odds and ends, provisions on something called the state tax, estate tax, death tax or t-- other tax provisions something that ensnares the middle class taxpayers, it is an old law, some three decades old. that will be taken off the books, as well. there are medicare payments to doctors that are going to be reinstated every year. this is sort of a ritual that we go through every year. more things for people to dislike, there are going to be things where people are really going...
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Dec 28, 2012
12/12
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david: taxes on dividends could be rising. chairman of southern company who owns a bunch of utility companies, why that could spell trouble for more than just investors. >> liz joins us telling us which big companies will be first to take a costly fall if we, in fact, do go off that cliff. ♪ [ indiinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indiinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain b b. ♪ all onhinkorswim from td ameritrade. ♪ hi hi ♪(whistling tune) ♪("don't worry be happy") shy david: it was wild in the pits at the cme was closing in chicago. sandy smith is there. what's going on, sandy? >> this is the stuff you don't see in a trade desk in the office or at home. the trade action picked up in the final minutes here. the s&p500 index of 500 stocks we watch every day closed at the top of the hour, at 14 # 0 # 2, hung on to the 1400 level. the futures, the pit i'm in, contin
david: taxes on dividends could be rising. chairman of southern company who owns a bunch of utility companies, why that could spell trouble for more than just investors. >> liz joins us telling us which big companies will be first to take a costly fall if we, in fact, do go off that cliff. ♪ [ indiinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indiinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting,...
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Jan 1, 2013
01/13
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along with a low income tax credit. this is what sources are telling me. the big thing here, and the reason why chuck schumer is saying that there will be strong democratic support is because the president has won the war on race. there has been a lot of conversation about, well, let's go to 37 or 37.5. the president will get 39.6%. this takes us to the old rates under the clinton administration and they are permanent and it will take a big move by the congress to move us off that rate in the future this is a big -- a big win for the white house, $600 billion in revenue with no spending cuts and we go to round two as the calendar takes us to the next phase of all of this. i think it's a big win for the white house, something the republicans know they have to take, know there has to be more revenue in the treasury and willing to fight for another day on spending cuts. >> i want to read this statement that came out from house speaker john boehner, majority leader eric cantor and kevin mccarty. kathy mcmorris rogers entere
along with a low income tax credit. this is what sources are telling me. the big thing here, and the reason why chuck schumer is saying that there will be strong democratic support is because the president has won the war on race. there has been a lot of conversation about, well, let's go to 37 or 37.5. the president will get 39.6%. this takes us to the old rates under the clinton administration and they are permanent and it will take a big move by the congress to move us off that rate in the...
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Jan 1, 2013
01/13
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float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll back you. >> that was his idea of the worst-case-scenario. here's iowa u.s. congressman steve king with how president obama's mother managed to convince us all that her son was born in hawaii, not in kenya. >> i looked into that before he was sworn into the presidency. we look sbood the library of congress and we found the microfiche of two newspapers, only two newspapers in hawaii. each of them had published the birth of barack obama. that doesn't mean that there aren't some other explanations on how they might have announced that telegram from k
float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll...
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Dec 29, 2012
12/12
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CNNW
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but until now they've done little to agree on tax increases on tax cuts until that time. people in this building have none what's coming on tuesday yet they're only returning to get back to work just now. senate came back yesterday. house members, well, they won't be back until sunday. this afternoon house on senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. bypassing house speaker john boehner, who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority on minority leads are harry reid on mitch mcconnell to work out a deal on then present it to the house. he also laid out a scaled down mini deal if they are can't manage it. >> if we don't see an agreement between the two leaders in the senate, i expect a bill to go on the floor, i asked senator reid to do this, put a bill on the floor that makes sure that taxes on miedddle class families don' go up, that unemployment is still available for 2 million people on that lays
but until now they've done little to agree on tax increases on tax cuts until that time. people in this building have none what's coming on tuesday yet they're only returning to get back to work just now. senate came back yesterday. house members, well, they won't be back until sunday. this afternoon house on senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. bypassing house speaker john boehner,...
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Jan 1, 2013
01/13
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for a tax increase although they actually would be voting for a tax cut but it is amazing the way it's been framed by both conservative groups and the white house, interestingly. i do think that there are a few things in there in the details if you think about the estate tax change, the changes to dividends and capital gains, and the fact that mostly it avoids spending cuts and pushes this down to just another couple months and there are no entitlement reforms in there. i think those will be tough sells for republicans but whether or not john boehner is going to allow this to come to the floor with such an overwhelming vote in the senate is the real question. >> all right. thanks so much. >> thanks, mara. >>> and joining me live now democratic congressman adam schiff of california. a member of the house appropriations and intelligence committees. happy new year and thank you for being here. >> happy new year to you. >> house republican leader eric canter says no decision has been made on whether the house will vote on the measure that passed the senate earlier this morning. do you expe
for a tax increase although they actually would be voting for a tax cut but it is amazing the way it's been framed by both conservative groups and the white house, interestingly. i do think that there are a few things in there in the details if you think about the estate tax change, the changes to dividends and capital gains, and the fact that mostly it avoids spending cuts and pushes this down to just another couple months and there are no entitlement reforms in there. i think those will be...
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Jan 1, 2013
01/13
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WUSA
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. >>> legislation to keep taxes from going up across the board is headed to the house of representatives. the senate approved an agreement early this morning. house speaker john boehner has not endorsed that agreement but he has promised a vote or g.o.p. alternative right away. danielle nottingham has more. >> reporter: house speaker john boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the senate or an amended alternative. baner has not endorse -- boehner has not endorsed the agreement which may face opposition from conservative lawmakers in the house. vice president joe biden negotiated a deal with senate republicans over the weekend. the agreement makes bush era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. it also postpones harsh across- the-board spending cuts for a few months. >> this shouldn't be itself model for how we do -- be the model for how we do things around here but i think we can say we've done some good for the country. >> families will make up today to the assurances their taxe
. >>> legislation to keep taxes from going up across the board is headed to the house of representatives. the senate approved an agreement early this morning. house speaker john boehner has not endorsed that agreement but he has promised a vote or g.o.p. alternative right away. danielle nottingham has more. >> reporter: house speaker john boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the senate or an amended alternative. baner has not...
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Dec 28, 2012
12/12
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and the estate tax. and what's essentially happening here and a door open here, democrats leave the door open and expect mcconnell to make a counter offer, whatever the case may be, democrats run the place saying to mitch mcconnell, hey, if we jump off of this bridge, cliff, as it were, we're going to hold hands with you and not only bring along some republicans jumping off this cliff here but you have to make sure that john boehner comes along, too, and put something on the floor that's not going to get the majority of the majority republicans in the house of represent evs. that is the predicate, that is the condition in the senate. no one believes that john boehner will take that leap holding the hands of harry reid or mitch mcconnell, for that matter. the preponderance of opinion, the overwhelming belief and suspicion, however you want to phrase it, here in the capitol and downtown on k street is going over the cliff. only question now is how many days to extend past january 1st before they come back
and the estate tax. and what's essentially happening here and a door open here, democrats leave the door open and expect mcconnell to make a counter offer, whatever the case may be, democrats run the place saying to mitch mcconnell, hey, if we jump off of this bridge, cliff, as it were, we're going to hold hands with you and not only bring along some republicans jumping off this cliff here but you have to make sure that john boehner comes along, too, and put something on the floor that's not...
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Dec 27, 2012
12/12
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FBC
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i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do withhe bush tax cuts. that's one thing. we have to dide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad demonstration passed before the last eltion and 90% of those hikesere delayed until after the president got himself reelected. then we have massive spending, $8 trillion in debt that obama's running up the next decade. republicans have several tools. right now we have very well leverage in the debate over the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told oba if you want a trillion dollar in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask you again. 0
i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do withhe bush tax cuts. that's one thing. we have to dide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad...
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Dec 31, 2012
12/12
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the affect of taxes would have changed. then it is, in fact, a tax cut season. not a tax increase season. again, those mechanics can be adjusted somewhat, but there are real practical elements that go beyond the political wrangling that will be dealing with if, in fact, we get -- if we get a deal, and then it will be sort of a countdown to the clerical staff getting it done. chris. >> as anyone who has ever bought a house can atus to, it takes time just to sign your name to lots of documents. >> exactly. >> i want to go to you. you know, this news about president obama coming on at 1:30 p.m. came just moments ago. have you had a chance to do any reporting? do we expect, this doesn't sound from reporting like is he announcing the deal. what will he do? do we have any idea? >> my reporting mampz kelly's reporting. it does not appear as though president obama will be announcing a deal he will be speaking with middle class americans behind him, and he will send the message that if they do not act by john 1st, the average american will see their taxes go up by about
the affect of taxes would have changed. then it is, in fact, a tax cut season. not a tax increase season. again, those mechanics can be adjusted somewhat, but there are real practical elements that go beyond the political wrangling that will be dealing with if, in fact, we get -- if we get a deal, and then it will be sort of a countdown to the clerical staff getting it done. chris. >> as anyone who has ever bought a house can atus to, it takes time just to sign your name to lots of...
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Jan 1, 2013
01/13
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also an estate tax. there was some back and forth late in the day whether there was going to change but the framework had the estate tax at $10 million exception per couple with additional inheritance at 40%. tax credits for stimulus. business tax credits and a doc fix stopping 27% reduction in payments to medicare providers using spending cuts as offsets. in addition to that, ed, you are saying the sequester which is the across-the-board cuts would be essentially put off for a couple of months. >> delayed. >> and that sets up the second fiscal cliff battle that washington will deal with and that is over the debt ceiling. explain that for folks who may not be following it. >> exactly. and you are right to point that out because these are two more battles really colliding with one another. kicking the can down the road, both parties on the sequester. two months from now we back here dealing with again whether or not they can come up with more spending cuts, more tax increases according to how the presiden
also an estate tax. there was some back and forth late in the day whether there was going to change but the framework had the estate tax at $10 million exception per couple with additional inheritance at 40%. tax credits for stimulus. business tax credits and a doc fix stopping 27% reduction in payments to medicare providers using spending cuts as offsets. in addition to that, ed, you are saying the sequester which is the across-the-board cuts would be essentially put off for a couple of...
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Dec 28, 2012
12/12
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taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last minute. >> they're playing games with people's lives. i don't think that's correct. >> it's just unfortunate that at this point the two sides can't come together because it's been like that for the last four or five years. >> reporter: 2 million americans will also lose jobless benefits on saturday if a deal isn't reached and the nation's borrowing limit to finance our $16 trillion debt will also be reached on monday. danielle nottingham, cbs news, washington. >>> my own mom at christmas dinner told me do not raise my taxes. >> after a few words of advice at home the bay area's newly elected congressman is about to get a crash course in washington politics. how the young lawmaker thinks he can help what many consider a broken system. ======b r e a k >> on tap for the next 24 hours more rain and i guess some big waves, too right, liz? >> we have a high surf advisory in effect for tomorrow. in the meantime we've got co
taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last minute. >> they're playing games with people's lives. i don't think that's correct. >> it's just unfortunate that at this point the two sides can't come together because it's been like that for the last four or five years. >> reporter: 2 million americans will also lose jobless benefits on saturday if a deal isn't reached and the nation's borrowing...
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Jan 1, 2013
01/13
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again, the problem here is not that anyone wants to raise taxes. this notion that republicans make this argument the democrats are just out there eager to raise taxes on everyone. that is just fantasy. the reality here is we have a fiscal problem. we have a debt and deficit problem. you have to have increased revenues. you cannot solve this -- >> you also have to cut spending though, chris. >> you cannot cut spend ago loan. >> republicans say you have to do both of them. you have to cut spending, and you also if you want to raise revenues, if we give someone on the revenue side, we've got to also look at the cutting spending, and that's kind of the give and take between republicans and democrats. >> but i agree with you, you have to cut spending. tell me the republican that's out there talking about cutting defense spending, which is the largest chunk of our budget when you are talking about, you know, separating social security, medicare, and medicaid. nobody wants to talk about defense spending cuts. this is the problem that we have. we have to b
again, the problem here is not that anyone wants to raise taxes. this notion that republicans make this argument the democrats are just out there eager to raise taxes on everyone. that is just fantasy. the reality here is we have a fiscal problem. we have a debt and deficit problem. you have to have increased revenues. you cannot solve this -- >> you also have to cut spending though, chris. >> you cannot cut spend ago loan. >> republicans say you have to do both of them. you...
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Dec 26, 2012
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i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad demonstration passed before the last election and 90% of those hikes were delayed until after the president got himself reelected. then we have massive spending, $8 trillion in debt that obama's running up the next decade. republicans have several tools. right now we have very well leverage in the debate over the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told obama if you want a trillion dollars in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask y
i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad...
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Jan 1, 2013
01/13
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half is paid for by new taxes, half by tax gimmicks. in an amendment, it would say if we're not going to do sequester, it should at least be with real spending cuts. we are getting indications from the senate they would not even look at an amended bill, sort of the idea that time has run out. mitch mcconnell, joe biden, they were here until the early hours of this morning on new year's day. what happens -- are we going to go off the cliff? >> i don't know. that will be a decision for the senate. quite frankly, the senate had in its power for over six months to do what it did at the stroke of midnight last night. that's amend the house bill and send it back to us. it's unreasonable for senator reid to say that something they produced on new year's eve, produced by a bunch of sleep-deprived people is what we shouldcantor, you said, is agai the bill. boehner received opinion. boehner can't go over cantor on this one. >> the speaker needs 218 votes. so they're trying to craft something to get 218 vote which has been an elusive target in thi
half is paid for by new taxes, half by tax gimmicks. in an amendment, it would say if we're not going to do sequester, it should at least be with real spending cuts. we are getting indications from the senate they would not even look at an amended bill, sort of the idea that time has run out. mitch mcconnell, joe biden, they were here until the early hours of this morning on new year's day. what happens -- are we going to go off the cliff? >> i don't know. that will be a decision for the...
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Dec 29, 2012
12/12
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lower taxes versus more of a social safety net. and every time they come close to a deal, it falls apart because they have this fundamental disagreement about ideas. that's how we got here. they cannot agree on this basic notionation over this idealogical divide in america. >> what happens next? how likely it is we will go over the fiscal cliff. i'm curious what the mood is like in washington, d.c. right now? >> there's an infinitesimal improvement in washington because of the meeting today, but i still would say the odds, the people placing bets in this town still expect that the nation will go over the fiscal cliff. still a little more hope than when we woke up this morning, but no one is counting on being off on new year's eve. >> jessica, thanks. more now on the raw politics with "new york times" columnist raffle, and cornell belcher. the president said he wanted to see a straight up or down vote. as we mentioned, that will happen on monday in the senate. he could lose that up or down vote. >> what you're likely to see is somet
lower taxes versus more of a social safety net. and every time they come close to a deal, it falls apart because they have this fundamental disagreement about ideas. that's how we got here. they cannot agree on this basic notionation over this idealogical divide in america. >> what happens next? how likely it is we will go over the fiscal cliff. i'm curious what the mood is like in washington, d.c. right now? >> there's an infinitesimal improvement in washington because of the...
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Dec 31, 2012
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>> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might bring-- wait a second you might bring in 80 billion dollars for a year. 60 billion of that is already spoken for in storm damage relief hurricane sandy. you're doing nothing towards getting a deficit situation solved, nothing at all. >> that's it. >> and you slow the economy and the deficit is worse in the future. >> and the republican party say that we shouldn't have-- we're talking. >> what? >> rate-aphobes, and grover cleveland or whatever-- >> that's the president. >> and took millions off the roles, 0 probable did and a fair 10% tax bracket and-- >> and a lot of those people-- why do you jeopardize all of the tax cuts for rich people? >> people who understand this think that that defense is disgusting, for ten years all they said was that president bush only provided tax cuts that benefitted the rich. that was a talking point for years. all of a sudden, it's like, oak, well, he we didn't mean that. >> a lot of that was true. >> and in the
>> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might bring-- wait a second you might bring in 80 billion dollars for a year. 60 billion of that is already spoken for in storm damage relief hurricane sandy. you're doing nothing towards getting a deficit situation solved, nothing at all. >> that's it. >> and you slow the economy and the deficit is worse in the future. >>...
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Jan 1, 2013
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and compromise on the estate tax. a republican win on the estate tax. is that food enough for you to accept, even though you don't want to raise taxes? >> although, two points, the estate tax is better than going back to a million dollar exclusi exclusion, 55%, tax rate or anything above that there shouldn't be any tacks on death. it shouldn't be a taxable event. regarding theation on people making above $400,000. go back to 1993, the clinton era tax rates which the democrats want. $250,000 then taxed at 39 mt 6% is the equivalent of $398,000 tow with according to a labor statistic bureau and regular inflation. it's not that great of a deal i don't think as it goes and it's taxing and still taxing small business men and women, and i don't like that at all. >> representative gingrich, ali velshi, happy new year to you, sir. i want to talk to something that played out yesterday. you were a tough primary in the past and that was when you first signed the norquist pledge. am i right? >> that's right. absolutely. >> and grover norquist seems to have approved
and compromise on the estate tax. a republican win on the estate tax. is that food enough for you to accept, even though you don't want to raise taxes? >> although, two points, the estate tax is better than going back to a million dollar exclusi exclusion, 55%, tax rate or anything above that there shouldn't be any tacks on death. it shouldn't be a taxable event. regarding theation on people making above $400,000. go back to 1993, the clinton era tax rates which the democrats want....
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Dec 28, 2012
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incomes under $20,000 will get hit with a $400 tax hike. between $20,000 and $40,000, more than 1,200 more. $40,000 of $65,000, $1,900 and between $65,000 and $108,000, expect to pay $3,500 more in taxes and anything above that, uncle sam's going to take more than $14,000. joining me to talk about this, congressman yarmuth of kentucky. you are due back in washington sunday we're told. what will you tell your constituents if they're subject to those tax hikes that i just showed? >> well, i'm going to tell them what i've been saying and that is that unfortunately we have a republican majority in the house that doesn't believe in raising taxes on anyone, no matter how well think they may be. and really, is not interested in a balanced approach to deficit reduction. it's been pretty clear that that's the story we have been telling and it happens to be the truth. >> i understand that two of colleagues proposed cuts to medicare for a hike in the debt ceiling. what do you make of that offer? >> i think one of the things that people don't realize i
incomes under $20,000 will get hit with a $400 tax hike. between $20,000 and $40,000, more than 1,200 more. $40,000 of $65,000, $1,900 and between $65,000 and $108,000, expect to pay $3,500 more in taxes and anything above that, uncle sam's going to take more than $14,000. joining me to talk about this, congressman yarmuth of kentucky. you are due back in washington sunday we're told. what will you tell your constituents if they're subject to those tax hikes that i just showed? >> well,...
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Dec 27, 2012
12/12
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they will be cutting taxes instead of voting to raise taxes. it is a small distinction, but an important one for some republicans. >> president obama spoke to congressional leaders before he left hawaii by phone yesterday. senator mcconnell says he would be happy to look for to any proposal from the president. >> economists have warned that failure to address the fiscal cliff could send our country back into recession. maryland live! casino now open 24-7. before they closed at 2:00 a.m. and 4:00 a.m. on friday and saturday. but this morning the anne arundel location , that stores for the very last time. >> they unlocked at 8:00 and there was a waiting line to get in. this is all early buzz for the 24-hour operation. before now, the casino had to close its doors, but not any more. and adult beverages here are now sold around-the-clock. >> 24 hours a day -- all day long, all night long, all year long. we are pretty excited about that. >> i think it is great. it will bring more revenue into the stage. i think it is win-win. >> i think it is great.
they will be cutting taxes instead of voting to raise taxes. it is a small distinction, but an important one for some republicans. >> president obama spoke to congressional leaders before he left hawaii by phone yesterday. senator mcconnell says he would be happy to look for to any proposal from the president. >> economists have warned that failure to address the fiscal cliff could send our country back into recession. maryland live! casino now open 24-7. before they closed at 2:00...
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Jan 1, 2013
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included the child tax credit and earned income tax credit and college tuition tax credit and the doc fix. this is -- it stops a 27% rehe ducks in payments to medicare providers using spending cuts as offsets. the other thing this takes care of at least temporarily we are told is dealing with the sequester which is across-the-board cuts that would hit the pentagon particularly hard but also domestic spending. we are told that there will be a two month hold off to that. and we don't know if there is an offset to try to offset that with additional spending cuts. we haven't heard that. that is what republicans were pushing for. joining me now up on capitol hill, our congressional producer chad. i think i went through that okay. >> i think you did. i think you did. i tell you the tough thing is going to be as you say the spending cuts. that is the devil in the details and that is what the house republicans will be looking for. as i talked to one house republican today, a senior member, he said look, you know, we may be better just dealing with the sequester because that gets us to spendin
included the child tax credit and earned income tax credit and college tuition tax credit and the doc fix. this is -- it stops a 27% rehe ducks in payments to medicare providers using spending cuts as offsets. the other thing this takes care of at least temporarily we are told is dealing with the sequester which is across-the-board cuts that would hit the pentagon particularly hard but also domestic spending. we are told that there will be a two month hold off to that. and we don't know if...
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Dec 28, 2012
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and all tax rates will go up on income tax and estate taxes and all the bad stuff will happen, and how that's good politics. >> look, politicians are creatures of narrow self-interest. from the self-interested standpoint of a republican house member from a safe district who fears a primary challenge, yes, it's better for them to wait three days, cast -- go over the cliff, cast a vote to cut taxes and basically screw all the people who are going to be affected by it preserving their own jobs than it is to agree to a tax increase now and risk the wrath of the tea party right two years from now. >> chris, let me ask you about another possible, i hope it doesn't happen. next tuesday or next wednesday when the market reopens on january 2nd and they fully realize at that point that this cliff has been gone over and the congress has failed to meet its own targets which it set itself when it set this cliff up, who will pay the price if, say, the market drops 500 or 1,000 points and keeps dropping for two or three days and that creates the chances for a second dip, a second recession? who will
and all tax rates will go up on income tax and estate taxes and all the bad stuff will happen, and how that's good politics. >> look, politicians are creatures of narrow self-interest. from the self-interested standpoint of a republican house member from a safe district who fears a primary challenge, yes, it's better for them to wait three days, cast -- go over the cliff, cast a vote to cut taxes and basically screw all the people who are going to be affected by it preserving their own...
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Dec 29, 2012
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lower taxes versus more of a social safety net. and every time they come close to an agreement, it falls apart because they have a fundamentally different idea on the issues. they have this divide in america, randy. >> so what happens next? how likely is it that we'll go over the fiscal cliff? i'm curious about the mood in washington right now. >> there is an increase in optimism because of the mood out of that meeting today. but i still would say the people who are -- placing bets in this town still expect that the nation will go over the fiscal cliff. so still a little bit more hope than what we woke up this morning, but no one is counting on being off on new year's eve. >> randy. >> jessica, thank you, more now on the raw politics, good to see you both. cornell, let me start with you here, the president said he wanted to see a straight up or down vote. as we mentioned that could happen in the senate. we could lose the up or down vote. >> you are going to see something come out of the senate. you have to pay attention to the tone
lower taxes versus more of a social safety net. and every time they come close to an agreement, it falls apart because they have a fundamentally different idea on the issues. they have this divide in america, randy. >> so what happens next? how likely is it that we'll go over the fiscal cliff? i'm curious about the mood in washington right now. >> there is an increase in optimism because of the mood out of that meeting today. but i still would say the people who are -- placing bets...
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Dec 27, 2012
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the bush tax cuts will expire. everyone, even republicans know if we go over the cliff, the bush tax cuts will be restored for at least 98% of americans. payroll taxes will go back to normal in 2013. the payroll tax cut was always intended to be a temporary measure. the alternative minimum tax would hit middle class americans. year after year, this has been fixed by lawmakers and like everything else notice fiscal cliff, it can be done retroactively. the harshest effects of spending cuts could be modified in the first month or two of 2013. in fact, the defense department, the irs and other government agencies are planning no immediate changes because they're anticipating some kind of deal. that leaves the unemployed, extended unemployment insurance will expire immediately if we go over the cliff. a deal later in january could theoretically restore extended benefits, the immediate damage will have already been done. for many people, this is all an interesting charade. but for the unemployed it's the real deal. get y
the bush tax cuts will expire. everyone, even republicans know if we go over the cliff, the bush tax cuts will be restored for at least 98% of americans. payroll taxes will go back to normal in 2013. the payroll tax cut was always intended to be a temporary measure. the alternative minimum tax would hit middle class americans. year after year, this has been fixed by lawmakers and like everything else notice fiscal cliff, it can be done retroactively. the harshest effects of spending cuts could...
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cliff negotiations go now especially after the after the nation learned last week that any sort of tax increase at all even on millionaires can't get enough republican support in the house of representatives to pass. the tea party might have helped progressives dodge a bullet when it comes to president obama's social security cuts but it's getting clearer and clearer that they are not interested in governing and could care less about what sort of economic damage the nation may suffer from if we do go over the fiscal cliff or if a few weeks from now they hold the debt limit hostage again given that we've seen president obama and congressional democrats sacrifice their most cherished principles in these fiscal cliff talks is there anything that republicans in the house would be willing to sign off on that doesn't screw the middle class over well let's ask neil mckay he's the senior reporter at human events online in the editor of the guns and patriots column neil welcome back to the show first of all i am not for screwing the middle class and both that wonderful intro well said we'll see
cliff negotiations go now especially after the after the nation learned last week that any sort of tax increase at all even on millionaires can't get enough republican support in the house of representatives to pass. the tea party might have helped progressives dodge a bullet when it comes to president obama's social security cuts but it's getting clearer and clearer that they are not interested in governing and could care less about what sort of economic damage the nation may suffer from if we...
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Dec 28, 2012
12/12
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taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's borrowing limits to finance our $16 trillion debt will also be reached on monday. danielle nottingham, cbs news, washington. >>> three new jersey police officers were shot and their police station this morning. the shooter domestic assault suspect got a gun and started firing. it happened in the township in camden county east of philadelphia. the gunman was shot and killed. the wounded officers are expected to recover. >>> also the second time this month, someone has been pushed to their death on new york's subway tracks. the nypd says that it was a woman who pushed the male
taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's...
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Jan 1, 2013
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tax holiday. a person earning $50,000 is going to pay $800 more by virtue of the fact that expires. what you have really here now it seems to me is erik canter, the number 2 guy trying to make the number one guy in his own party john boehner look bad or maybe this is his attempt to run for speaker when the new congress comes into affect thursday at noon where they have an election. i mean, baner said let's hand it over to the senate and the assumption was we all do what the senate comes up with. obviously, there's been a breakdown in communication. >> there's this thought going back to the election, the republicans are blindsided by how badly mitt romney was beaten and see this going on in the republican party itself. is this more than example of what's going on in the republican party? or is this an example of how things are going? >> well, yes, the democrats, if this falls apart and there is no vote in the house and it goes over to the next congress where they have to start over again and the ma
tax holiday. a person earning $50,000 is going to pay $800 more by virtue of the fact that expires. what you have really here now it seems to me is erik canter, the number 2 guy trying to make the number one guy in his own party john boehner look bad or maybe this is his attempt to run for speaker when the new congress comes into affect thursday at noon where they have an election. i mean, baner said let's hand it over to the senate and the assumption was we all do what the senate comes up...
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they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone in an environment like this, how are you going to compel businesses, fast food joints and the rest, but it's in there interestto raise the rates when they are barely getting by as it is just as henry ford did back before world war i to $5. he said he wanted people to buy the cards. that's what you got to do. neil: so what about substance of the country where they have jobs with $10 an hour. were people really aren't jumping on these jobs. where we have a country where help wanted advertising is at an all-time ig. a lot of people, for whatever reason, it are having trouble with wor
they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone...
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Dec 29, 2012
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people making 40 to $65,000 get a $2,000 tax hike and anyone, would see a $14,000 tax bump. where else would americans see the sting? talk to me about medicare and unemployment benefits. >> this whole metaphor we've been using about a fiscal cliff probably isn't the right one to be used. after all, if you go over a cliff, you usually don't get to live to tell about it unless you're batman or spider-man, but there are things that actually would happen right away and one of those things that would be right away in a negative impact would be unemployment benefits and 2 million americans would see the unemployment benefits and that would hurt the economy and that would hurt these people that are relying on this and the unemployment insurance has been seen as economic stimulus to get hands into the money of people who need it and they were things that actually get spread over the course of 2013 if there is no fix that is actually done and it is possible for congress to go back and fix things and talking about the increase of tax rates and there will also be spending cuts to gover
people making 40 to $65,000 get a $2,000 tax hike and anyone, would see a $14,000 tax bump. where else would americans see the sting? talk to me about medicare and unemployment benefits. >> this whole metaphor we've been using about a fiscal cliff probably isn't the right one to be used. after all, if you go over a cliff, you usually don't get to live to tell about it unless you're batman or spider-man, but there are things that actually would happen right away and one of those things...
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Dec 24, 2012
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is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior citizen care, moving companies -- why is that? >> it will absolutely be the year of that. there are lower startup costs. they are looking at businesses that will be able to make the most money. obviously, being passionate about it is critical. at the end of the day, you will make more dollars with a service brand than anything else. lori: explain that to me in more detail why the restaurant industry is taking a back seat? >> we did not say it is taking a backseat, more savvy entrepreneurs are getting into the market now. financially, you will take a lower net percentage typically been on a se
is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior...
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Dec 27, 2012
12/12
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WBAL
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harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about to hit its debt limit and needs to act fast. in washington, danielle leigh, nbc news. >> as we head to the new year, a number of new laws are set to effect here in maryland. one allowing gay couples to marry as of january 1. another new law states baltimore city elections will be held on the same cycle as the presidential election, meaning officials will get an extra year in office. as of january 1, a parent or guardian will have the right to free credit reports to protect kids and disabled adults from identity theft. it is hoped it will protect foster children, who are especially vulnerable. >> we are hop
harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about...
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Jan 1, 2013
01/13
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the tax-cut measure that they did. nobody making $40,000 a month needs a tax breaks. we discussed the tax thing in an earlier program. the middle class is paying for it. i didn't understand that liberals do not band together stronger and show a united force. it is okay to have obama as the president. if we say the president is caving in, we have power. guest: we have seen 26 straight months of private sector job gains. we have seen losses in the public sector. you can expect that public unemployment problem to get worse. progressives can get behind the president and claimed a win over the republicans. or they can hold out for the progressive principles that they originally wanted. i think in congress a lot of folks will wind up back in the president. host: guestok. good morning, steve. caller: happy new year. everybody is talking about going back to the clinton's tax brackets. do you think that is a good idea? andt: go back to the 1990's everybody did quite well. tic talk. apocalyps it is not all that much debilitating when people tend to save the money rather than sp
the tax-cut measure that they did. nobody making $40,000 a month needs a tax breaks. we discussed the tax thing in an earlier program. the middle class is paying for it. i didn't understand that liberals do not band together stronger and show a united force. it is okay to have obama as the president. if we say the president is caving in, we have power. guest: we have seen 26 straight months of private sector job gains. we have seen losses in the public sector. you can expect that public...
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Dec 27, 2012
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payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year of $6 billion yet again. can't keep up with social security. what is the longer-term impact of what is going on on these programs? >> we really do need to have a deal on a big problem, which is the national debt larger than the economy, driven by broken entitlement programs. medicare has a huge deficit, $300 billion every year. 10,000 new beneficiaries every day. medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: th
payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year...